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Founder Of OmiseGo Sees Massive Ethereum Scaling And Adoption By 2020

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Founder Of OmiseGo Sees Massive Ethereum Scaling And Adoption By 2020

Jun Hasegawa is the founder and CEO at OmiseGo, which is a billion-dollar blockchain network that will launch on top of the Ethereum protocol. As of recently, he outlined the future of Ethereum and the roadmap of its growth in the coming years.

Hasegawa said that Ethereum is moving forward at a good pace. He knows that 2017 was a year of speculation for both Ethereum and projects launched on top of the blockchain protocol. In times when Initial Coin Offerings (ICOs) and token sales garnered billions of dollars per quarter, the amount exceeded the amount of money that companies in the crypto and blockchain space raised from accredited investors.

Ethereum increased in value 150-fold, rising from $10 to $1,500 within a 12-month period. However, the third-largest correction in market history hit and led Ethereum, along with many other leading altcoins to lose 70% to 90% of their value.

However, according to Hisegawa, the correction has allowed the market and developers to build products and scaling solutions to support the next rally.

The co-creator of Ethereum, Vitalik Buterin, also advised the OmiseGo network since last year. Just like Hisegawa, he is confident that the $500 billion market cap of cryptocurrencies cannot be justified without the huge impact on the finance sector and the massive potential of blockchain right now.

As Buterin noted:

“So total cryptocoin market cap just hit $0.5T today. But have we earned it? How many unbanked people have we banked? How much value is stored in smart contracts that actually do anything interesting? The answer to all of these questions is definitely not zero, and in some cases it’s quite significant. But not enough to say it’s $0.5T levels of significant. Not enough.”

Hasegawa, on the other hand, emphasized that the next two years will be crucial for Ethereum when it comes to real business adoption. He is confident that the network will see more large-scale decentralized applications (dApps) and massive scaling, as well as adoption by the government. As he wrote:

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The latest digital currency news show that a bunch of core developers at Ethereum (ETH) have finally decided to share a date for the Constantinople hard fork, which is now again delayed until late February.
It seems that this situation is raising a lot of eyebrows but at least we have a confirmation about it. As announced by a team lead at Ethereum named Peter Szilagyi in a tweet, the upgrade is now set to be implemented at ETH block 7,280,000.
This is not the first time Ethereum has delayed Constantinople. However, in the announcement, Szilagyi explains that the activation fork is expected to be mined on February 27th this year, implemented as "a single fork on mainnet and a post-Constantinople-fix up fork on the test nets to get them back in line feature wise with the main network.”
This new deadline comes in times when there is an unexpected delay over a recently discovered security vulnerability which allows a reentrancy attack, detected in Constantinople's code by the smart contract audit firm ChainSecurity.
The vulnerability allows a potential attacker to steal cryptocurrency from a smart contract on the network - by repeatedly requesting funds from it while feeding it false data about the malicious actor's actual ETH balance.
For those of you who don't know, the upcoming Constantinople hard fork is an upgrade to the ETH network which encloses separate Ethereum Improvement Proposals (EIPs) in order to soften the transition from the current proof-of-work (PoW) to the more energy efficient proof-of-stake (PoS) consensus algorithm.

Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum

A new report from Dapp.com is in the digital currency news, putting dApps in the spotlight with their increasing usage in 2018. According to the report, the number of dApps was constantly increasing and the most active dApp category across platforms was gaming, followed by betting.
Decentralized exchanges had the largest volume of users of dApps, where crypto trading was the first major killer use case for decentralized applications. However, the volume transacted on decentralized exchanges is still dwarfed by the volume at centralized ones.
Even though Ethereum had the most users (about 800,000) and the widest variety of dApps, the usage of Ethereum programs was less in terms of transactions than other platforms like the newcomer Tron (TRX).
As the dApp report showed:

"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."

TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum.
The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.

The major US exchanges Coinbase and Kraken are among the latest organizations and exchanges to confirm their support for Ethereum's (ETH) Constantinople hard fork, according to their official announcements on Twitter yesterday which are in the focus of today's crypto news.
With this, Coinbase and Kraken join Binance, Huobi and OKEx in pledging to monitor the event which will trigger at Ethereum block height 7,080,000 and is expected this week. As Coinbase's staff wrote in the post:

“Coinbase intends to support the Constantinople Ethereum (ETH) upgraded. Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm security of the network.”

Kraken also confirmed the support of Constantinople in a tweet, adding that the exchange "expects that this will be a non-contentious fork" and will not spark competing ETH chains like the Bitcoin Cash hard fork which occurred in November.

“Kraken will be supporting this. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete," the exchange said on Twitter.

Meanwhile, ETH/USD has been seeing short-term support in the run-up to the hard fork, seeing the largest gains in the top twenty cryptocurrencies over the past 24 hours and surging by 8.7%.

In today's crypto news, we have TrustToken which is the developer and issued of the stablecoin TrueUSD - and its new novel method that allows crypto exchanges to manage millions of addresses associated with TrueUSD as well as other ERC20 tokens.
According to TrustToken, this is the first publicly available means of easily handling thousands of millions of addresses for crypto exchanges within a single wallet, reducing the amount of Gas (Ethereum used for transaction fees) that is required for the maintenance of wallets that accept the TUSD stablecoin.
However, this update to the TrueUSD smart contract does not only have to apply to TUSD. The token's code is open-source which means that other tokens and outfits can replicate the method.
In an official press release, the Head of Engineering at TrustToken Rafael Cosman described the new technology as following:

"While exchanges are currently able to set up individual addresses for users, there is no standardized process for the backend accounting for how these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an ‘alias’ feature for an Ethereum-based token and allows exchanges to significantly improve both the accounting structure and save on time and gas cost by automatically sweeping user accounts to the central wallet."

The press release also includes a diagram on how the process works. According to the lead engineer, "the AutoSweep features have big implications for the Ethereum blockchain more generally and could be applied to any ETH token."
All of this could make ERC-20 token trading cheaper and help exchanges to benefit from a new discovery, saving thousands of dollars on behalf of their customers through gas savings.